Neurocrine Biosciences (NASDAQ:NBIX) Price Target Cut to $137.00 by Analysts at UBS Group

Neurocrine Biosciences (NASDAQ:NBIX) had its price target decreased by research analysts at UBS Group from $154.00 to $137.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price would indicate a potential upside of 44.99% from the stock’s current price.

NBIX has been the subject of several other research reports. Guggenheim dropped their target price on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a research report on Monday, February 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Morgan Stanley restated an “overweight” rating and issued a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. JPMorgan Chase & Co. raised their price target on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a report on Wednesday, March 26th. Finally, StockNews.com lowered shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $163.52.

Neurocrine Biosciences Price Performance

Shares of NBIX stock traded down $8.39 on Friday, hitting $94.49. The stock had a trading volume of 317,336 shares, compared to its average volume of 990,547. Neurocrine Biosciences has a 1 year low of $94.37 and a 1 year high of $157.98. The company’s 50 day moving average price is $121.07 and its 200-day moving average price is $124.51. The firm has a market capitalization of $9.42 billion, a P/E ratio of 28.70, a P/E/G ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. On average, equities analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has approved a stock buyback plan on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 5,844 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total transaction of $681,936.36. Following the completion of the sale, the director now directly owns 521,618 shares of the company’s stock, valued at $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kyle Gano sold 65,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the completion of the transaction, the chief executive officer now owns 135,392 shares in the company, valued at $19,157,968. This represents a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 232,906 shares of company stock worth $33,869,030 over the last 90 days. 4.30% of the stock is owned by insiders.

Institutional Trading of Neurocrine Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Neurocrine Biosciences during the third quarter worth about $89,000. Verition Fund Management LLC bought a new position in shares of Neurocrine Biosciences in the 3rd quarter valued at about $959,000. Investment Management Corp of Ontario raised its holdings in shares of Neurocrine Biosciences by 33.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 4,778 shares of the company’s stock valued at $551,000 after purchasing an additional 1,200 shares during the period. Royal London Asset Management Ltd. increased its position in Neurocrine Biosciences by 13.3% during the third quarter. Royal London Asset Management Ltd. now owns 51,533 shares of the company’s stock worth $5,938,000 after buying an additional 6,060 shares during the last quarter. Finally, Quarry LP grew its holdings in Neurocrine Biosciences by 11,263.6% in the 3rd quarter. Quarry LP now owns 2,500 shares of the company’s stock valued at $288,000 after buying an additional 2,478 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company’s products include INGREZZA for tardive dyskinesia and chorea associated with Huntington’s disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.